Do economists have a role in policymaking non-economic topics?

Q: cr+1 Consider the money supply Ms=mxB , m= cr+rr Assume that the demand for real money is given by…

A: Since the question you have posted consists of multiple parts, we will answer the first two parts…

Q: 3. If a monopoly takes over 100% of a market previously operating under perfect * competition, the…

A: Monopoly market refers to the market structure where only single firm exists in the market. The…

Q: A two-good economy is in a competitive equilibrium. The price of a piece of candy is $2 and the…

A: Competitive market: - it is a market condition where there are many buyers and many sellers in the…

Q: Bill is a professional photographer. His camera is broken, and he needs a new one within the next…

A: Willingness to pay (WTP) shows the maximum price that the buyer or consumer is ready to pay to get…

Q: Consider the following market in which the government has imposed a price ceiling of Pc. Which of…

A: A price ceiling is a price control instrument employed by the government to prevent the market price…

Q: Market 1 Market 2 P(dollars) P (dollars) Q (units) Q (units) Consider the following two markets for…

A: Elasticity(e) refers to the percentage(%) change in quantity supplies(QS) due to percentage(%)…

Q: 6. Mexico and Canada have flexible exchange rates. Suppose the real interest rate in Canada…

A: Interest Rate is the cost of borrowing or saving expressed as a percentage of the total amount. Such…

Q: Government has limited power to use spending to correct economic problem mostly because: the economy…

A: Economic problems: The difficulty in making decisions that result from a lack of resources is…

Q: True/False-'A' = True and 'B' = False 1. Urbanization is caused by many reasons, including job…

A: Disclaimer :- As you posted multipart questions we are supposed to solve the first 3 questions  as…

Q: pIivate investment

A: Government's fiscal policy leads the situation of crowding out.

Q: 5. If a monopoly takes over 100% of a market previously operating under perfect competition, the…

A: Pure monopoly occurs when a firm is a single seller of a good and service in an industry . So it…

Q: 2. You are thinking to start your food catering business by making rolled tacos, which are often…

A: Cost is the monetary value incurred to produce one goods which include variable and fixed cost .  TC…

Q: Contrast the two types of com petitionthat marketers face

A: Markets refer to a place where the buyers, and sellers interact. The interaction is done between the…

Q: Suppose you are in charge of snow removal in your community and you are trying to figure out if you…

A: In an economy, when government provides goods and services to the people, it collects  some amount…

Q: Producer surplus in this market is O $75 $175 O $200 Not enough information

A: Answer -the producer surplus is $75 and the Consumer surplus is $100.

Q: 2. Suppose you manage a factory with ten workers. Each worker's output is determined by the equation…

A: Profit maximization is an economic concept and goal pursued by businesses and firms. It refers to…

Q: Production function 9.= fCL)where average product of labour LAPL) and murginal product of labaur…

A: We will first understand the relationship between the MP, AP curves. The curves are constructed by…

Q: 4. In an imaginary economy of Cotton Land, 190,000 tons of cotton were produced in a day. The number…

A: The production of cotton requires only workers. The workers are the only factor of production.  The…

Q: Which of the following would have the greatest effect on discretionary spending? Unemployment rises…

A: Discretionary spending refers to the money that people have available to spend on non-essential…

Q: 10.3. Pet health care. As documented in a recent paper, the markets for pet health care and human…

A: The comparison between pet health care and human health care markets, as outlined in your question,…

Q: The economic researcher defined the consumption function as follow: C= $600 billion + 0.9Y, a. What…

A: As per guidelines we can solve only first three sub-parts for you if you want another answer please…

Q: Suppose that the price of good Y decreased from $18/unit to $16/unit and as a result, the quantity…

A: Elasticity refers to the responsiveness of one variable to changes in another variable, given that…

Q: Determine the future worth in year 10 of a cash flow series that starts in year 0 at $100,000 and…

A: Here we calculate the future worth in 10 year which are as follow-

Q: ording to the following passage, which argument would a proponent of the World Trade Organization…

A: The World Trade Organization (WTO) is an international organization that was established on January…

Q: State A has a total population of 10 million, of which 70 percent are adults (civilian…

A: Labor force = total number of eligible population who is willing to work labor force participation…

Q: When the Federal Reserve uses money that was not in circulation to purchase government securities,…

A: The Federal Reserve, also known as the central bank of the United States, is an independent…

Q: Assume a closed economy with a GDP (Y) of 6,000. Consumption (C) is given by the equation C = 600+…

A: Aggregate Demand: Aggregate demand in an economy is the sum of private consumption expenditure (C),…

Q: Consider the following perfectly elastic demand curve for good X. At a price of P1, quantity…

A: Price-Elasticity(Ep) of a good is defined as it’s “sensitivity to price(P). That is , the %…

Q: Mini Case: iHerb Inc. has several herb extractor evaporators that were purchased four years ago at a…

A: Given information Initial cost of machine= $20000 Annual cost for 2 years=$2000 per year Annual cost…

Q: You are the manager of a monopolistically competitive firm, and your demand and cost functions are…

A: A monopolistic competitive firm maximises profit where marginal revenue is equal to marginal cost.

Q: Question 6 You are making a bid to take over a company that George currently owns and controls.…

A: Following matrix states the value of company under two conditions : Good or bad  & also under…

Q: You are given the following financial data about a new system to be implemented at a company:…

A:

Q: a) How many pupils do Molly and Kathleen need to enroll in their class to break even? b) If Molly…

A: A market operates at its minimum cost point where the seller earns maximum profits. The cost can be…

Q: 4. Effects of a tariff on international trade The following graph shows the domestic supply of and…

A: In an open economy, buyers and producers have an incentive to gain more from making economic…

Q: Cindy and Lou work for the phone company. Below is a table showing the installations they completed…

A: Comparative Advantage: In the trade theory the country which has comparative advantage in producing…

Laffer Curve Analysis

In terms of economics, the Laffer curve was popular among those economists who were or who belonged to the supply side of the economic peripheral.  This concept was popularized by the famous supply-side economist known as Arthur Laffer. This curve illustrated the relationship between the tax rates and government revenue. It is already known that the tax which the public or individuals residing in an economy bear is the revenue or income of the government with the help of which the government does all the necessary works in the society, which is beneficial for the economy.